News / Events

IRVING, Texas--(BUSINESS WIRE)--
The Michaels Companies, Inc. (NASDAQ: MIK) today announced that its
Board of Directors has authorized a new share repurchase program for up
to $500 million of its common stock. This announcement is in advance of
the Company’s Analyst Day presentation which is scheduled to begin
today, June 15, 2017, at 8:30am ET.

Chuck Rubin, Chairman and Chief Executive Officer, said, “We are pleased
to announce a new $500 million share repurchase authorization today. The
retail-leading profitability and high returns on invested capital we
have generated have resulted in a track record of strong and consistent
free cash flow. In the last three years alone we have generated more
than $1.5 billion in cash from operations, of which $500 million has
been allocated towards share repurchases, and over $500 million towards
debt reduction.”

Shares may be repurchased from time to time on the open market, through
block trades or otherwise. The share repurchase program does not have an
expiration date, and the timing and number of repurchase transactions
under the program will depend on market conditions, corporate
considerations, debt agreements, and regulatory requirements.

A live webcast of today’s investor event will be available at http://investors.michaels.com/.
The webcast will be accessible for 30 days after the event.

About The Michaels Companies, Inc.:

The Michaels Companies, Inc. is North America's largest specialty
provider of arts, crafts, framing, floral, wall décor, and seasonal
merchandise for the hobbyist and do-it-yourself home decorator.

As of April 29, 2017, the Company owned and operated 1,364 stores in 49
states and Canada under the brands Michaels, Aaron Brothers, and Pat
Catan’s. The Michaels Companies, Inc., also owns Artistree, a
manufacturer of high quality custom and specialty framing merchandise,
and Darice, a premier wholesale distributor in the craft, gift and decor
industry. The Michaels Companies, Inc. produces a number of private
brands including Recollections®, Studio Decor®, Bead Landing®,
Creatology®, Ashland®, Celebrate It®, ArtMinds®, Artist’s Loft®, Craft
Smart®, Loops & Threads®, Make Market®, Foamies®, LockerLookz®,
Imagin8®, and Sticky Sticks®. Learn more about Michaels at www.michaels.com.